Hi, Sharath.
This isn't completely possible. There's no way I know of to intercept the SHIFT+DELETE sequence in Outlook and take action. Beyond that intercepting deleted items is possible by monitoring all of the Deleted Item folders in all the information stores in Outlook. The problem with that is that adding a new information store would require either you editing the code or writing a routine that would search all information stores looking for "Deleted Items" folders. The latter would be the better approach. The problem is we aren't talking about a simple script. This would be a moderately complicated undertaking.